Martin Aircraft, a New Zealand-based company that has been working on developing the worlds first functional jetpack since the 1980’s, is now well on their way to seeing the jetpack used commercially after landing major deals this week from international companies.

The company describes their project as the world's first practical jetpack, with potential search and rescue, military, recreational and commercial applications, both manned and unmanned.Martin Aircraft CEO Peter Coker told CNBC,“We’ve developed this for our first responders, fire, police, natural disaster, and recovery. It creates a lot of air and then we’re able to move the aircraft around by guiding it over certain vanes where it can actually get up to about 74 kmh.”

The Martin Jetpack is incredibly lightweight can travel up to speeds of 74 km/h (45 mph) with a travel time of 30 minutes. The jetpack is guided by ducted fans that are powered by v4, two stroke engines.

The jetpack can be controlled remotely, or by a pilot and is capable of reaching places that are often inaccessible to cars and helicopters.

What also makes the Martin Jetpack a realistic option for commercial use is the classification regulations the company has been able to hurdle. The company says that the jetpack is currently classed as a lightweight aircraft.

“It’s registered as a microlight aircraft with the new Zealand Civil Aviation Authority so that makes it easy for us because a lot of other countries around the world are recognizing that for us. We actually have a team looking at the regulatory requirements, but we don’t see it as a big issue and a lot of them are asking us to write up the rules because there’s nothing like this in the world,” Coker explained.

Earlier this week, the company announced on their site that they had established four major business relationships at the 51st International Paris Air Show that will open up commercial opportunities for its innovative and futuristic Martin Jetpack.

After the signing of the company's four new relationships, Coker said, "The Company has progressed rapidly since its public listing on the Australian Securities Exchange earlier in the year. We are now well on the path to commercialization and our move from a Research & Development company to a commercial entity is well marked today with these announcements."

After the announcement of their new international partnerships, shares in New Zealand-based Martin Aircraft skyrocketed almost 45 percent on the Australian stock market on Wednesday.

The four agreements signed by Martin Aircraft in Paris:

An agreement with Beijing Flying Man Science & Technology Ltd involves the parties working towards the future delivery of a Martin Aircraft package with an initial tranche of 100 manned Jetpacks, 50 unmanned Jetpacks, 25 static models and 25 simulators. It is noted that at this stage the agreement is a strategic co-operation agreement and any sales are dependent upon a successful supply agreement.

An agreement with Beijing Voyage Investment Ltd a subsidiary company of well-known Chinese-based AVIC International Holdings Ltd for the intended future delivery of manned and unmanned Jetpacks, simulators, and static models.

An alliance agreement with Czech Republic-based Martin Aircraft Company s.r.o. to establish a European sales centre for the Martin Jetpack.

An alliance agreement with New Delhi based M2K Group Ltd to establish a regional sales presents in commercially important India market.

Martin Aircraft expects the jetpack to retail for $200,000 and says the jetpack will be available for purchase in the second half of 2016.